Ripple analysis: $0.3000 could become a reality
Ripple analysis indicates that the XRP/USD pair is likely to rally towards the $0.2800 to $0.3000.Gains above the $0.2300 level should be considered bullish.
After spending months trapped in a down trend, Ripple is finally starting to show upside potential.
Ripple technical analysis indicates that the cryptocurrency could rally towards the $0.3000 level over the coming weeks.
Ripple medium-term price trend
Ripple technical analysis shows that the cryptocurrency is technically bearish while trading the $0.2700 level.
A bullish inverted head and shoulders pattern has recently formed on the daily time frame which indicates that buyers may soon be testing the psychological $0.3000 level.
If bulls can move the price above its 200-day moving average, around the $0.2700 level, medium-term buyers may start to enter the long XRP/USD trade.
The cryptocurrency has been under pressure since staging a fake breakout above the $0.3000 level in November 2018. Buying XRP/USD over the medium-term has proved costly.
Continued price stabilisation above the $0.2700 level could move Ripple into a new bullish phase, and eventually settle the cryptocurrency back above the $0.3000 level.
Ripple short-term price trend
Ripple price analysis over the short term shows that the cryptocurrency is bullish while price trades above the $0.2000 level.
The cryptocurrency is currently steadying above the neckline of a bearish head and shoulders pattern on the four-hour time frame.
Neckline support comes in around the $0.2300 level. Looking at the size of the pattern, the $0.2800 level is the indicated target.
The invalidation of the bullish price pattern would be extremely negative for the XRP/USD pair at this stage.
Short-term support for XRP/USD is found at the $0.2150 and $0.2000 levels.
Ripple technical summary
Ripple analysis suggests that the cryptocurrency is likely to rally towards the $0.2800-$0.3000 area.
Watch out for continued gains above the $0.2300 level.